Ripple Price Analysis: XRP/USD recovery hits $0.20 barrier, are the bears winning?
|- Ripple price once again attacks the seller congestion zone at $0.20.
- Trading above the 50-day SMA is a key bullish indicator, therefore, buyers are likely to stay in control.
Ripple price was able to clear the stubborn resistance at $0.19 after a short consolidation period above $0.18 support. The recovery took place in tandem with Bitcoin (BTC) surge above $7,500 and Ethereum (ETH) approach to $190. XRP/USD is doddering at $0.1961 after advancing 1.5% higher on the day. The week’s trading has been drab for XRP especially the rejection at $0.20 and the refreshing of support at $0.1750.
Intriguingly, Ripple is trading above the 50-day SMA; a key indicator that buyers are in control. However, the failure to pull above $0.20 suggest that they lack enough energy to sustain gains in spite of the selling pressure being at the minimum. Technical analysis has shown that breaking above the 50-day SMA often results in a significant price rally such as the one in February where XRP/USD climbed above $0.34.
Meanwhile, the immediate upside is capped by the seller congestion at the 38.2% Fibo of the last swing high at $0.3481 and a swing low at $0.1163. Another consolidation is likely especially if the resistance at $0.20 remains unconquered. The sideways action is supported by the leveling MACD slightly above the mean line. The indicator also shows that buyers will remain largely in control even though upward movements could be limited.
XRP/USD daily chart
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